New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-15
JUST Is, 1887

been high money day the Stock Exchange and prob
ia. the and i.adins money %
cal not Of necessity part Of the rule q receipt
s!utions the Board rule that loans called
not later than o'clock II the Board should establish the
ruie tnat on Saturdays calls mast be made by 10:45
o'clock the financial institutions unquestonably would
pay inc same respect TO that Az the rule stands now
seems to be to their interest ~ to use It. The
the discounts sns about sar ssady @
to move money in either direction. During
drafts and some 100000 currency was sent away by
express TO various poiats The foreign exchanges ruled
Of security bills and sight sterling was down to 81 Ssh
At the Stock Exchang. the last week was one of dull
and waiting markets The transactions in listed stocks
s an 3Sn Only to shares against 200
toward an appreciation In values but 1t lacked
a sfsre's' the leader large and su'O0Ts
either from choice or necessity welded to the short
50 long talked and sner
aas as touching the security OF their loans had been
than as any additional anxiety aud the gem
eral market responded Friday morning with some I'M
rn reVi0ns TO that me market had ruled dI
treasury had accepted only 100000 OF the
there were spasnadc attacks made on Values wnch de-
prices parts of Der cent while the con-
throgh Friday With the elimination of bidding up the
rate Tor money to 10 per cent in the last fifteen minutes
The weeks operations have developed one important
and Interesting fact that while the market lacks the
stimulating effect Of clique bulling, and there is no
urgent general demand for securities there is
lutte scarcity Of stocks offered for Another de-
veope1 Is that the large short interest existing 10 at
tempted TO be hidden by borrowing the stocks at the
offices Of the purchasing brokers' instead OF in the loan
corner at the Stock Exchange. All the indications point
TO greater short interest last evening than there
week ago Now. the existence OF large short interest
in itself Is not valid for buying stocks except
10 trader. But when other influences favorable
there have been instances when fighting bear interest
has carried bull speculation to figures which not
dreamed of at the inception OF the movement The
isng bear interest during the last week has developed
fighting disposition; but for how many points upward 1t
Will continue In that frame of mind do pretend to
predict IL should he noted however, that yesterday
when the market was so strong the fighting bears were
away.
efforts toward further depression unqnesu9na6ly GER
tain localities have suffered from extended drouth
BUTT evident that the general crop does not promise
TO he smaller than that or 1856 According to the Gov
eminent report OF conditions the average on August
OF this year was sos .gAinst SOL August l. 1856
on this The Chronicle makes up the estimate OF the crop
OF the year, based the increased acreage as
1G9O336,OO0 bushels against 1865 900 bushels in
1855 From this there may be some deductions for
further DAMAGE sustained during the hrst ten days OF
August hut II probable that nearly all the principal
cornproi ucins states will have large larger crops
as last year he damage done is insignificant compared
with the wishes Of the bus bears stocks
MAY corn closed In Chicago yesterday At - 5s cents,
against ~ cents on August AFTER selling at Is cents
during the week
Tho great wheat spccuatlons, the coffee speculation
AMI tie cotton speculation have al gone The same way
neced with The various deals Cotton Yesterday sold
AZ 80 cents. against IL IL cents IN July. and tho
bales In the week ~ 1856 making for the two weeks In
August OF this year 900 bales against 81 100 bas Ia
able tie comparisons June and July. while the
speculation was on The exports OF wheat and -four
100000 bushels against 900 for the week OF last
year.
this time last year remembered. are phenomenal
They do not usually show gains on last year for tue
reported, show aggregate earnings OF s27l2O26.
against S,36!G2l IN the first week OF August lesO, an
of -ff4p II - mar and ~
statement thus far made by American roads Of net earn
ms. his year has shown greater percentage OF gains
net than 20 the carnng- There Il nothing
In sght-not even the corn famine which threatens
10 reduce railroad earnings yet II would be unreason
able expect the continuance OF the present raO or
the large gains male ~ me autumn OF 1856.
what Of the monetary situation IL - an acAnoWl-
edged fact that the New York hanss hold smaller de-
Xii in y~srs and that the principal part OF tho
$4,000 900 new money OF the past year las gone To
West ana south by the last Congress has worked revo
Atlantic seaboarl. aud therefore New York subject
to ua drafts IN the autumn tian before Tie banks
total reserve. it, relation % their liabilities. just
O6- per cent less than II az this date In isSO-a
daerence which causes no alarm 1, those on tho
re.pnpsipn,ie. ~ Tsnarercnt rests Treasury ahsor-
ton Well have shown that by yesterdays report
the Treasury held IN - vaults s!o37s more legal
money than IT Leld july so 1857. and only S2Js7lT1
thsa IL held Ju!y /, 1857 There is t!e doubt that
Wednesday the Secretary viii receive oaers to sell az
least S. 900 900 OF the IL per cent bonds. nearly al
from New. York. and any activity ~ money Will uung
- per cents $50 coupon bonds. which
indicates Lat that amount available Tor profit
able OF the principal The applications for the pre-
payment OF interest up 70 last evenings report we're on
$50 Ig7 900 bonds 81 Oj4 OUO interest As the oGer
Ia prepay the interest only natures tomorrow, the APP
praton. reported do not indicate the movement IN that
dtrection The National banks undoubtedly Will gem
orally accept II on the bonds thcy are SarrEihs IVr
scrurify Of bank notes and Government deposits. tho
Interest which. subject 10 the secrctarys offer,
amount. 10 over SiJOO0)O. There are outstanding
Ssqg 900 OF the registered bonds OF all descriptions
These. OF held for investment hut there IA
reason why the holders generally should not accept
the prepayment at per cent rebate n opportunities
occur 10 the money at per cent interest For In
stance the Nanderhs could utilize the prepayment ON
their holdings well shy one else. There Il little
probability that prepayment Will be accepted on any OF
inc Sl5- .9t7 300 coupon bonds.
But 10 IL 10 mportstons OF foreign gold that tho
market look preservation OF stringency, II there
were any cause fear any We may disagree about tho
cause. Of the effect that will not change the facts
June 3O-the ret balance OF trade. including merehan
dlse and bullion movements. was S2O,62s.Oll against
the United States In the same six months or 1856 this
balance was sss9.5lO In favor OF the cOuntry-a
Il ference seemingly against the country OF SJ9OOOOOO
Yet since July this the Imports OF gold at this
port have amounted to over S3,OOOOOO, against
$500 the time Of 1855. II there ~ any way
for the change except that Europe has alb
sorbed some SGOOOO.OOO OF American securities. Se
should Ike 20 hear IT, The cotton movement has not yet
cotton than had year ago The exports OF bread
suds larger and promise 10 be much larger than last
autumn And last year from July 10 December 81, NO
imported net gold IN the amount Of 3i175,lo3 These
OF the signs OF prosperity now that the plan
uf fear al removed from financial circles.
Suboined usual liable Of the highest lowest and
final prices and number Of shares sold OF sxy active or
representative stocks together with the final prices OF
ago. prehxed by the prices OF August L. lss5:
WEEKLY RANCE